Way overbought , like Friday, I see its dropped off a bit from its high. They will try the same I expect, quick push up see if anyone is interested, then down to consolidate. Earnings season expecting high volatility, especially the After the Bell results. Market Makers will take no prisoners.
I see the UKX has just joined the Party, how long for I wonder?
still not convinced with these markets.....looks like chop, chop...pump and dump...
still have a couple of shorts, which i hedged with longs, just before the close at 588...
i will remove the long hedge at the open....this can't keep gapping up everyday!
i will keep the shorts until i see a volume breakout...until this is likely to be just sucking the bulls in imvho...and the rallies are dead cat.....
Glad you're on the mend & thanks for the detailed explanation!
I kind of understand a little bit better now, very effective system - I guess the only time it wouldn't work is on crazy Fed days where the DOW can shoot up 200 pts and then down 300 pts in the space of an hour.
Everyone has their system and it's very generous of you to share yours (especially if it's a winning one) - so thanks again!
Thanks for your regards. Got the ok to have op probably in a mth or so.
These trigger points as you know are the overnight highs and lows of the futures Market. These numbers are very important to me as well as the Days cash highs and lows. They can be significant marker points for you during the day. Look where the market is at this exact moment in time, DAX is trying to hold onto12489 this was yesterdays sell trigger! I have them to hand all the time. These numbers help me a lot in deciding what to do. If you look back on the charts you will see what I mean, it's time consuming I know, but it is the only way to satisfy yourself of what I am saying is true or not.
I use all the common chart tools in deciding my moves RSI WILLIAMS SAR MACD STOCH EMA CHALKIN MOMENTUM. Sentiment/News of course, I like to look at $ price and oil price. Cautious when RSI is overbought/oversold on the hourly,
Did you notice my DAX post yesterday afternoon, it virtually gave a description of the DOW movements before they happened and forecast the exact end result.
Time 10:55, Last hour Example, IE Using the DAX trigger point of 12489, Set my RSI 5min candle to 3 and 9, decided at time, as overbought to trend short.. At beginning of every candle looked at top opening price, calculated the difference between the 3 and the 9 RSI, Say for instance opening price is 12488, EMA 3 12489.2, EMA 9 is 12484.5, I take the EMA 3 from the EMA 9 which is about 5, off the opening price which was 12488 which makes 12483 Now when that price moved 4,5 6, points above 12483 I shorted, with a limit stop. The number changes on every candle, sometime you add it to the opening, price sometimes take it away if going long.
Since I have been righting this I have made 9 consecutive winning trades all because of the Trigger number, it would have been a lot more if not for time spent writing this.
But I just wanted to show you the importance of these numbers and how they can be used.
It is a gamble, and that particular scalping method I use can run away from you when the price spikes, but buying when it is overbought or oversold limits the risk. Since writing this DAX has risen to around 12502, another number I have is 12500, so it was overbought again and I just made another 2 successful trades using the same method which makes 11 winning trades using these numbers
Hope this helps you understand my ways a bit, but even today if you just bought today's triggers you should have pocketed a few bob.
Below updated chart and we included some fib levels.
100sma is currently near the 50 fib level coincidence from all time high which we called in Jan 18?
So we assume target is now 100sma as 50 sma is broken?
A lot of noise around 50 fib see feb
ultimate target might be the 618 fib but 50 fib may do for April...
Mind the gap we have a death cross so........... trend is downwards in pressure?
DOW, a large 20 odd point spike up at 5:55am took the buy trigger up a bit. But went overbought on the 5 min, and williams, and now getting near the top on the hourly, must come down a bit, before I would consider anything.
Yesterdays action, the DAX and UKX seemed effected by the high euro and pound, oil prices, Syria etc. The DOW raced on but it was not that convincing to me, don't really know if this overnight rise is a trap or not?
Goldman and J&J reporting before the bell today so lots of hype. All indicators are pointing to an up day, but pound and euro still up a bit more. OIl up abit should help th UKX.
I might sit on my hands until the US gives a clear signal today, good luck all.
DOW buy Trigger 24696
DOW sell 24584
DAX Buy 12467.
DAX Sell 12414
" ROYAL BANK OF SCOTLAND (LSE:RBS) For some reason, we always find ourselves delaying any commentary against RBS. Unfortunately, the reason for this is a "what's the point" mindset as the sodding share rarely does anything useful. Or does it? ..."
on the flip side, as close above 24555...today....and a hold above this level....would mean a the bulls closing up shop......and packing up.....because it would effectively mean this correction is over imvho....
Trying to hold onto 12433, needs to. DOW trying to hold onto 24516 or we might see our friend 24485 again. DOW Is holding this lot up again. Crystal ball says 24516, 24533, 24539, 24571,24591,24607,24612 and 24650 to 24657 then we wait till 6pm for rocket to the moon.
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